TaxTMI 
TaxTMI 
Are certain Co-operative Banks like Saraswat Bank etc, a Co-operative society
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....re certain Co-operative Banks like Saraswat Bank etc, a Co-operative society<br> Query (Issue) Started By: - RAJESH SANGHVI Dated:- 27-4-2015 Income Tax<br>Income Tax<br>The ITO has taken a view that ....
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....Saraswat Co-op Bank or Shamrao Vithal Co-op Bank ( or Maharashtra state Co-operative Bank ) are Co-operative banks but they ARE NOT CO-OPERATIVE SOCIETIES. Hence if any co-operative housing society (C....
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....HS) earns interest from these co-op banks, the said CHS is not entitled to 100% deduction of that interest u/s 80P(2)(d) because this section speaks of earning interest from Co-operative societies and....
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.... NOT co-operative banks. My stand is captured u/s 2(10) of the Maharashtra co-operative Societies Act 1960 ( which defines Co-op Bank ) and these banks are societies under the Multi State Co-op Soc Ac....
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....t 2002. Hence they are co-op bank and also Co-op Societies. Hence CHS should get benefit of full 100% deduction u/s 80P(2)(d)..<br> Discussion Forum - Knowledge Sharing ....